The U.S. housing market continued its downward spiral in December, with sales of existing homes falling for the 12th straight month compared to the year before, a CNBC report states.

US home sales hit rock bottom in December, but springtime rebound expected

In September, sales of new single-family homes in the United States reached a 19-month high, driven by falling median house prices. According to Reuters, the annual median house price experienced its most significant drop since 2009, largely due to incentives offered by builders to attract buyers.

US new home sales surge to 19-month high amid falling prices and rising mortgage rates

The US housing market appears to be straining under the weight of its own pandemic-driven success. Recent data shows the sector is returning from the stratosphere and coming back to pre-COVID levels.

World Business Watch: US housing market straining under pandemic-drives success